| 08.02.2008 Other Voices - Fred Gehm: Why I am personally responsible for Societe Generale`s $7 Billion dollar loss and what Societe Generale needs to do about it |
| From Fred Gehm: I hate to admit it, but Societe Generale’s losses are all my fault. In 1983, I wrote Commodity Market Money Management, which introduced quantitative technique to what was then the derivatives industry. Judging by recent articles on Societe Generale’s disaster, they were using techniques similar to the ones I advocated, only radically more sophisticated, to manage their risks. I |
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